Fuel Prices Likely to Remain Elevated Amid Refining Disruptions

Global fuel prices are likely to remain elevated due to significant disruptions in refining capacity caused by conflicts in Russia and the Middle East. ExxonMobil and Chevron have issued warnings that nearly 9% of global refining capacity has been affected, contributing to a tighter supply of key products such as gasoline, diesel, and jet fuel.

The situation is exacerbated by Russia's diesel export ban and ongoing refinery outages, which have maintained upward pressure on fuel prices despite crude oil prices returning to pre-war levels. Market activity suggests that these developments could influence crude oil price predictions.

OPEC Secretary General Mohammad Sanusi Barkindo and IEA Executive Director Fatih Birol are among the key industry figures drawing attention to the situation, which will likely play a crucial role in shaping future market sentiment.